Facebook shares fall as Zuckerberg’s EU Q&A disappoints

Ilona-Billington
May 23, 2018 2 min read

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Facebook shares ended in the red Tuesday as CEO Mark Zuckerberg’s meeting with the European Parliament left attendees with many questions unanswered. The format meant Zuckerberg had little time to answer all the questions put to him.

However, he did apologise for any data leaks in relation to Facebook and its policy over policing the ads, news and posts that are bought and shared across the platform.

Facebook shares closed 0.37% lower at $183.80. The stock is also in the red in pre-market activity, Wednesday.

The format meant that the attending MEPs each asked a series of question, which Zuckerberg then reviewed and selected a few to answer. This saw MEP’s spend as much time, if not more, talking during the two-hour meeting, as Zuckerberg did.

The Facebook co-founder and CEO said: “It’s become clear that over the last couple of years that we haven't done enough to prevent the tools we've built from being used for harm as well.”

Zuckerberg added: “Whether it's fake news, foreign interference in elections or developers misusing people's information, we didn't take a broad enough view of our responsibilities…. That was a mistake, and I'm sorry.”

However, despite Zuckerberg’s apology, some MEPS felt many key questions were left unanswered. And, the Facebook co-founder refused to answer questions surrounding the data sharing relationship between his social media platform and WhatsApp, also owned by Facebook.

Facebook teams up with Qualcomm

Separately, Facebook has teamed up with Qualcomm its Terragraph wi-fi project.

Qualcomm said it will integrate its chipsets with the planned high speed wi-fi project, which should make it easier for manufacturers to upgrade their routers to use the service.

“Our collaboration with Facebook will bring advanced 11ad and pre-11ay technologies to market increasing broadband penetration and enabling operators to reduce their capex for last mile access” said Irvind Ghai, VP of product management, Qualcomm Atheros.

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